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BUSINESSWednesday 27 January 2016

Stock rise, driven by a turn higher in crude oil prices 

MARLEY JAY                     16,167.23. The Standard &      Trader Mark Puetzer works on the floor of the New York Stock                     added $2.82, or 18.3 per-
AP Markets Writer              Poor’s 500 index rose 26.55    Exchange, Tuesday, Jan. 26, 2016. Higher oil prices and some                     cent, to $18.19 and Hun-
NEW YORK (AP) —  U.S.          points, or 1.4 percent, to     positive earnings news from U.S. companies are helping to send                   tington lost 75 cents, or 8.5
stocks jumped Tuesday as       1,903.63. The Nasdaq com-      the stock market higher.                                                         percent, to $8.50.
the price of oil made an-      posite index added 49.18                                                                                        Sprint, the fourth-largest
other abrupt reversal, this    points, or 1.1 percent, to                                                             (AP Photo/Richard Drew)  wireless provider in the U.S.,
time rising almost 4 percent   4,567.67.                                                                                                       posted a smaller loss in
after falling sharply the day  Energy stocks gained           Procter & Gamble reported       lysts expected. It rose $7.21,                   its third quarter and said
before.                        ground as the price of U.S.    a larger profit in the fourth   or 5.2 percent, to $144.78.                      its aggressive promotions
Energy stocks climbed          crude rose $1.10, or 3.7       quarter as it raised prices     The Dow had its best day                         lured in more users. The
along with the price of oil,   percent, to close at $31.45    and cut costs. The maker        since early December.                            company raised its outlook
and Chevron and Exxon          a barrel in New York. It fell  of Pantene shampoo, Crest       Many of the companies                            for the year.
Mobil made major gains.        almost 6 percent Monday.       toothpaste and Charmin          making the biggest gains,                        Sprint’s stock rose 47 cents,
Strong fourth-quarter results  Brent crude, a benchmark       toilet paper added $1.96,       including Exxon, Chevron                         or 18.7 percent, to $2.99.
from beleaguered wireless      for international oils, rose   or 2.6 percent, to $78.81.      and 3M, are Dow compo-                           The stock, which hit an all-
provider Sprint gave tele-     $1.30, or 4.3 percent, to      Coach reported a greater        nents. The Nasdaq made                           time low last Wednesday,
com stocks a boost. Quar-      $31.80 a barrel in London.     profit than analysts had ex-    smaller gains because tech                       has been on a wild ride
terly earnings also sent sev-  Despite the rebound,  U.S.     pected, and its stock rose      stocks didn’t rise as much                       the last few days, jumping
eral stocks higher, includ-    crude is down almost 18        $2.98, or 9.8 percent, to       as the broader market.                           almost 15 percent Friday
ing Post-it Notes maker 3M,    percent this month.            $33.33. Even with that big      Huntington Bancshares                            and then falling 12 percent
Procter & Gamble, which        Exxon Mobil picked up          gain, however, it’s down        agreed to buy competitor                         Monday, when Sprint said
makes Crest toothpaste,        $2.72, or 3.7 percent, $76.70  10 percent over the last 12     FirstMerit Corp for $3.4 bil-                    it had cut about 2,500 jobs
and luxury handbag maker       and Chevron rose $3.23, or     months.                         lion. The deal would create                      since last fall, or 8 percent
Coach.                         4 percent, to $84.12.          3M, which makes industrial      the largest bank in Ohio,                        of its staff. Other telecom
The Dow Jones industrial       Quarterly earnings con-        coatings and ceramics, re-      and the companies would                          stocks also jumped Tues-
average jumped 282.01          tributed to many of the        ported a greater profit and     have about $100 billion in                       day. Verizon Communica-
points, or 1.8 percent, to     biggest moves of the day.      more revenue than ana-          combined assets. FirstMerit                      tions gained $1.22, or 2.6
                                                                                                                                               percent, to $48.25.
                                                                                                                                               While the market made
                                                                                                                                               broad gains and undid
                                                                                                                                               most of Monday’s losses,
                                                                                                                                               it’s still down substantially
                                                                                                                                               this year and there are
                                                                                                                                               signs investors have big
                                                                                                                                               worries about the global
                                                                                                                                               economy.
                                                                                                                                               The yield on the 10-year
                                                                                                                                               Treasury note slipped to 2
                                                                                                                                               percent from 2.01 percent
                                                                                                                                               and the yield on the two-
                                                                                                                                               year Treasury note dipped
                                                                                                                                               to 0.84 percent from 0.86
                                                                                                                                               percent. q

                                                              Chase planning rollout of card-free ATMs

                                                              KEN SWEET                       during branch hours.                             the fleets of bank tellers at
                                                              AP Business Writer              The first generation of these
                                                              NEW YORK (AP) — Soon,           new  ATMs  will allow cus-                       each branch once need-
                                                              losing your ATM card won’t      tomers to access the ma-
                                                              be the financial life-stop-     chine by inputting a code                        ed to handle routine cus-
                                                              ping event it used to be.       found on their  Chase  mo-
                                                              Just don’t also lose your       bile app, Fusco said. Fu-                        tomer transactions. Fusco
                                                              phone.                          ture upgrades of machines
                                                              JPMorgan  Chase  custom-        will allow customers to use                      said Chasenow does more
                                                              ers will soon be able to with-  their cell phone’s near-field
                                                              draw cash or initiate other     wireless communication                           transactions each month
                                                              transactions using their cell-  feature to access their ac-
                                                              phone at  Chase  ATMs  be-      counts, using the technol-                       via ATMs than with tellers.
                                                              ing upgraded later this         ogy that enables shopping
                                                              year.                           checkout features such as                        Tellers will still be in
                                                              The move will include new       Apple Pay and Samsung
                                                              cash machines that don’t        Pay.                                             branches, however, to
                                                              require a card and up-          Customers will still be able
                                                              grades to existing machines     to use their  ATM  cards if                      help with specialized cus-
                                                              that will allow customers to    they want to, Fusco said.
                                                              withdraw more money and         The cell phone technology                        tomer transactions, Fusco
                                                              in different denominations,     will just be an option.
                                                              said  Chase  spokesman Mi-      Chase  and other banks                           said.  Chase  is also mov-
                                                              chael Fusco. The withdraw-      have been rolling out new
                                                              al limit will also be substan-  and upgraded  ATMs  in a                         ing tellers from behind the
                                                              tially higher, up to $3,000     continuing effort to replace
                                                                                                                                               counter to the branch floor

                                                                                                                                               to help customers navigate

                                                                                                                                               the new machines.

                                                                                                                                               Other features being

                                                                                                                                               rolled out with the new

                                                                                                                                               machines eventually, the

                                                                                                                                               company  announced

                                                                                                                                               Monday, will allow custom-

                                                                                                                                               ers to cash checks, and

                                                                                                                                               pay Chase credit card bills

                                                                                                                                               and mortgages at the ATM.

                                                                                                                                               Those features will arrive

                                                                                                                                               within the next two years.q
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